PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1126522
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1126522
According to Stratistics MRC, the Global Vegetable Seed Market is accounted for $8.48 billion in 2022 and is expected to reach $14.05 billion by 2028 growing at a CAGR of 8.78% during the forecast period. Vegetable seed is an embryonic plant wrapped in a protective outer covering of crops that are often produced in gardens and on farms. The nutritive tissue of the seed is made up of the embryo, endosperm, and seed coat. Some typical vegetables with seeds are tomato, onion, melon, sweet pepper, okra, eggplant, hot pepper, sweetcorn, and Chinese cabbage. Quality vegetable seeds are the most effective way to propagate vegetables and crops since they are rich in nutrients, proteins, and starch.
According to the World Health Organization (WHO), approximately 1.7 million deaths in the world are due to a low/lack of consumption of fruit and vegetables. Also, the low consumption of fruits & vegetables is among the top 10 risk factors for global mortality. According to the Indian Council of Agricultural Research, increasing awareness regarding the consumption of vegetables to meet various dietary requirements and nutritional needs raised the demand for fresh vegetables, consequently leading to an increase in the area of vegetable production in the country to 10.3 million hectares in 2017 from 10.1 million hectares in 2016.
Market Dynamics:
Driver:
Demand for diet-based nutritional food
Vegetables help to diversify the diet and fight malnutrition by being included in the diet. By increasing the supply of vital micronutrients that promote better health, sharper thinking, and increased productivity, dietary diversity contributes to diet balance. Additionally, the high nutritional value of vegetables offers a cheap solution to the nutritional shortfall that plagues many poor nations. Thus, as the demand for vegetables grows globally, there is a greater need for increased vegetable production, which will help the business grow.
Restraint:
Changing climatic conditions to obstruct market growth
Climate change is a major concern for agricultural production across the world. A change in the climatic parameters significantly impacts crop production and the crops are susceptible to diseases and pests. This, in turn, affects crop health and causes deviations in farming practices. Furthermore, research from many decades has shown the seasonal effects of temperature, rainfall, and humidity on disease and its development and growth on seed material, leading to major crop loss. Thus, the change in temperature and a rise in the atmospheric moisture content affect vegetable production.
Opportunity:
Rising adoption of hybrid vegetable seeds
Hybrid seeds are becoming more common as a result of their advantages over non-hybrid seeds. Utilizing hybrid vegetable planting seeds enables farmers to protect their crops from a variety of environmental stresses, including pests and plant diseases. These seeds also have the potential for large yields and reliable performance all year long. In the last three decades, farmers' acceptance of hybrid seeds has also boosting the expansion of numerous seed companies, which also forces the businesses to provide high-quality seeds.
Threat:
Stringent regulations
Future market growth is anticipated to be constrained by strict laws regarding the use of dangerous pesticides in farming practices. Additionally, the high price of some hybrid and organic seeds is another element that is anticipated to have a limited negative impact on market revenue growth.
COVID-19 Impact
COVID-19 had a significant influence on the global market cap since it reduced the availability of vegetable seeds in the market because the majority of farmers were forced to halt production. This was connected to the lack of personnel to assist with production tasks. Since the world's attention was now on confining and treating the virus, there was reduced demand for the products, which resulted in losses for the global market. Another element that limited the expansion of the world market during this period was the limitations brought on by preserving social distance.
The open pollinated segment is expected to be the largest during the forecast period
The open pollinated segment is estimated to have a lucrative growth, due to their greater popularity in developing countries, open-pollinated cultivars have the biggest market share. The process of pollination involves insects, birds, wind, or other human participation. Open pollinated plants have more genetic variety than closed pollinated plants because there are no constraints on the passage of pollen between individuals. As a result, the crop is more variable and is better able to react to the local environment and growing conditions. Farmers and regional producers also create open-pollinated types for the uncontrolled market.
The protected cultivation segment is expected to have the highest CAGR during the forecast period
The protected cultivation segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the many advantages that protected farming provides, including higher crop efficiency, climatic control, and minimal input requirements for agriculture, there is an increasing demand for seed cultivation in protected environments. Producing vegetables in temperature controlled facilities such as greenhouses and hydroponics is an example of protected cultivation.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the main drivers of the market in this area are the expanding agricultural sector, increased public awareness of the health advantages of vegetables, and expanding horticulture crop land. The main nations in the region with high vegetable production and consumption are China and India. The dominance of the area in the global market would also be supported by the fact that China is a major worldwide market.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to the result of rising strategic initiatives implemented by private businesses to increase their position in the market for vegetable seeds. These initiatives include steps such as partnering with other domestic and international businesses to improve marketing and sales activities or technical systems. Increasing interest along with investments by well-known industry players and incomplete collaborative efforts are accountable for regional growth.
Key players in the market
Some of the key players profiled in the Vegetable Seed Market include BASF SE, Syngenta AG, Groupe Limagrain, Bayer CropScience AG, Rijk Zwaan Zaadteelt en Zaadhandel B.V , Sakata Seed Corporation, Takii & Co., Ltd , Enza Zaden BV, East-West Seed, Bejo Zaden B.V., Namdhari Seeds
Key Developments:
In June 2021, Bayer Cropscience AG launched India's first-ever yellow watermelon variety, the Yellow Gold 48, under its Seminis brand of high-yielding vegetable seeds.
In April 2020, Sakata Seed America, a subsidiary of Sakata Seed Corporation acquired U.S. based lettuce seed company, Vanguard Seed. This acquisition would allow the company to introduce new lettuce varieties in the market.
In January 2020, Syngenta launched vegetable seeds of Easy-Broq brassica, baby plum tomato, and a Champion cabbage product line, which not only reduces wastage at every point of the supply chain but is also resilient to climate change.
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